Equity Portfolio Range

Fund Fact Sheet - Retail Investor

Pure Equity January 2018

Launch date Fund size Benchmark allocation
March 2000 R 9.3 million
Local asset class Benchmark Allocation
Fund description Equity FTSE/JSE Capped SWIX ALSI 75.0%
Combined - Equity - General
Global asset class Benchmark Allocation
Portfolio description
Equity MSCI AC World (RID) 25.0%
The specialist investment managers selected for this portfolio invest in listed
equities, which are shares of companies listed on the JSE. The managers, Total 100.0%
which may have different equity investment styles, are given specific mandates
aimed at high growth in capital value through active share selection. They are
expected to maintain a near-full exposure to the equity market, but at times Market summary
may have a limited local cash allocation. The global component is invested in
the Global Equity Portfolio which has an allocation to global equities.
1 Month 3 Months 1 Year 3 Years
FTSE/JSE All Share 0.10% 1.21% 16.07% 8.22%
Risk profile
FTSE/JSE SWIX -0.68% 2.23% 17.37% 7.69%
FTSE/JSE Capped SWIX ALSI -0.44% 2.94% 13.38% 6.44%
FTSE/JSE SA Property -9.91% -4.31% 3.85% 5.37%
All Bond Index 1.86% 6.57% 10.79% 5.35%
STeFI Composite index 0.60% 1.80% 7.51% 7.16%
MSCI AC World 1.76% -8.39% 13.21% 12.75%
Citi WGBI -2.09% -13.56% -3.95% 3.17%

Portfolio returns
Value of R 100 invested since inception
Portfolio Benchmark
1 Month -0.03% 0.08%
3 Months -2.12% 0.10%
YTD -0.03% 0.08%
1 Year 12.18% 14.10%
3 Years 7.84% 8.43%
5 Years 11.99% 13.28%
10 Years 11.97% 12.56%
15 Years 17.11% 17.24%
Since Inception 14.86% 14.15%

Manager weightings Underlying returns (1 month to January 2018)

Manager Weight
Global Equity 24.4%
Satrix Smart Beta 15.0%
Foord Equity 14.6%
SWIX Anchor 11.6%
Mazi Capital 11.3%
Coronation Equity 11.0%
Oasis Equity 4.0%
Benguela Equity SPR Life AM 4.0%
Excelsia Equity SPR Life AM 3.8%
Banker 0.2%
Transition 0.0%
Total 100.0%

Risk stats over 3 Years

Portfolio Benchmark
Annualised standard deviation 9.5% 9.3%
Sharpe ratio 0.1 0.2
Maximum drawdown 6.4% 6.2%
Positive months 58.3% 52.8%
Effective asset allocation exposure Top 10 equity holdings

Local Holding %
76.2%
NASPERS 8.0%
Equity Excluding Property 70.6%
BRITISH AMERICAN TOBACCO PLC 4.3%
Financials 19.6%
STANDARD BANK GROUP 3.9%
Consumer Services 15.3%
MTN GROUP 3.4%
Basic Materials 13.2%
SASOL 2.7%
Consumer Goods 10.0%
FIRSTRAND LIMITED 2.3%
Industrials 4.9%
ANGLO AMERICAN 2.1%
Telecommunications 4.1%
COMPAGNIE FINANCIERE RICHEMONT AG 2.1%
Healthcare 3.0%
ASPEN PHARMACARE HOLDINGS 2.1%
Technology 0.5%
OLD MUTUAL 1.9%
Other Securities 0.1%
% of total portfolio 32.9%
Property 3.7%
Bonds 1.7%
Cash 0.0%
Commodities 0.2%
Global 23.8%
Equity Excluding Property 24.2%
Property 0.5%
Bonds 0.0%
Cash -0.9%
Balanced 0.0%
Africa 0.0%
Equity Excluding Property 0.0%

Total expense ratio and Transaction cost breakdown¹

Period (Annualised, rolling three-year period): 01 Oct 2014 to 30 Sep 2017
Average annual service charge (incl VAT) 1.37%
Underlying manager performance fees expense 0.01%
Underlying Fund Expense 0.14%
Other expenses 0.01%
Total Expense Ratio (TER) 1.53%
Transaction Costs (TC) 0.08%
Total Investment Charges (TER + TC) 1.62%

FAIS notice and disclaimer

Alexander Forbes Investments Limited is a licenced financial services provider in terms of Section 8 of the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended,
FAIS licence number 711. This information is not advice as defined and contemplated in the Financial Advisory and Intermediary Services Act, 37 of 2002, as amended. Investment returns
are calculated via Statpro Performance and Attribution. Past investment returns are not indicative of future returns. This product is not guaranteed. Please be advised that there may be
representatives acting under supervision. Company Registration Number: 1997/000595/06. Pension Fund Administrator No.24/217. Long Term Insurance Act No. 00018/001. Postal
address: P.O. Box 786055, Sandton 2146. Physical Address: 115 West Street, Sandown, 2196. Telephone number: +27 (11) 505 6000. The complaints policy and conflict of interest
management policy can be found on the Alexander Forbes Investments website: http://www.alexanderforbesinvestments.co.za.

Notes
1. Total Expense Ratio (TER): The percentage of the value of the portfolio that was incurred as expenses relating to the administration (charges, levies and fees) of the portfolio. TER
is calculated over a rolling three year period (or since inception where applicable) and annualised to the most recently completed quarter. The TER as at the end of September 2017
is calculated using a rolling three year period. A higher TER does not necessarily imply a poor return, nor does a low TER imply a good return. The current TER may not necessarily
be an accurate indication of future TERs. Transaction cost (TC): The percentage of the value of the portfolio that was incurred as costs relating to the buying and selling of the
assets underlying the portfolio. Transaction costs are a necessary cost in administering the Fund and impacts returns. It should not be considered in isolation as returns may be
impacted by many other factors over time, including market returns, the type of financial product, the investment decisions of the investment manager and the TER. Calculations are
based on actual data where possible and best estimates where actual data is not available. Total investment charge (TIC): This percentage of the portfolio was incurred as costs
relating to the investment of the portfolio. It is the sum of the TER and TC.
2. Market data is sourced from Datastream. The FTSE/JSE Africa Index Series is calculated by FTSE International Limited ("FTSE") in conjunction with the JSE Securities Exchange
South Africa ("JSE") in accordance with standard criteria. The FTSE/JSE Africa Index Series is the proprietary information of FTSE and the JSE. All copyright subsisting in the
FTSE/JSE Africa Index Series index values and constituent lists vests in FTSE and the JSE jointly. All their rights are reserved.
3. All holdings information is based on latest available data.
4. There may be differences in totals due to rounding.
5. All returns are before deduction of Alexander Forbes Investments' policy fees and performance fees, but net of other expenses. Returns for periods exceeding one year are
annualized and all returns are quoted in Rands. Past investment returns are not indicative of future returns.
6. Kindly note that with effect from 1 April 2017, all Alexander Forbes Investments South African equity benchmarks have changed from the FTSE/JSE SWIX to the FTSE/JSE
Capped SWIX ALSI Index.